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3 Lessons Learned by Public Pensions in 2014

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hedge funds

Hedge Funds Are Not Bad and Should Not Track Broad Market Indices

For hedge funds, institutional investor enthusiasm has cooled, compared to pension fund interest in real assets such as infrastructure and properties. In 2014, the California Public Employees’ Retirement System (CalPERS) dumped its absolute returns program. Other pension funds are looking to reduce hedge fund exposure. UK-based Railways Pension Scheme is seeking to reduce its £1 billion allocation to hedge funds. Hedge funds that failed to generate double digit returns in 2013 took a beating in pension investment committees. Hedge fund proponents contend that fund underperformance is consistent with the asset class having low beta and low correlation to equities. Hedge funds weren’t designed to track the Russell 2000 or S&P 500 index.

Public pensions still have a long way to go when it comes to funding obligations.

You Can Sue Your Investment Consultant for Lousy Advice

Investment consulting giant Towers Watson is being sued for more than £47 million (US$ 72 million) from a mid-sized UK pension fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

PGGM Executed its Inaugural Cleared Securities Lending Trade

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Service providers are keen on getting more beneficial owners to participate in the cleared securities lending market. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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